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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: quasar_1 who wrote (101)	10/23/2000 10:41:20 PM
From: edward miller	Read Replies (3) \| Respond to of 74559

RE: "As far as world reserves we are still swimming in oil" Is this your opinion or do you have references from people who really know these things as opposed to true free-market lunatics who think that the free market by definition will create everything we humans need and want. These are what I call the "True Believers" of the free market taken to the extreme. I think some of them must believe in alchemy. I've been following the energy sector for two years now. There is no indication to me that we are swimming in oil. There is a fantasy out there that because we found oil in response to the oil crises of the 1970's, we will be able to do it again and again. We can use all we want because there will always be more. This is just like the people in the 1970's who said in all seriousness, "Gas can't go over a dollar in the United States. God won't allow it. " That is an actual quote from a nightly news program which I watched. Some people even state in print that they believe that the earth generates new oil without any dinosaurs or other organic matter as the basis. LOL. The only thing that is true here is that the US economic expansion has gone on for so long that people have become vain and arrogant like never before that I am aware, and certainly like never before in my lifetime. That is where you get ridiculous statements like technology will push the price of oil to under $5 permanently. This was claimed in 1998, just weeks before crude oil prices started to climb. Human history is full of wrong thinkers with influence, at least temporarily. We humans still think of ourselves as the center of the universe, for the most part, and we think that everything will always be there for us because we are all so important. LOL. JMHO.